A reckless Ferrari driver has narrowly avoided sparking traffic chaos in Sydney's CBD after performing a dangerous burnout in the middle of a four-way intersection.

The driver's blatant disregard for motorist and pedestrian safety was filmed along what appears to be Elizabeth Street in the Sydney CBD, but even more shocking is the fact it was being used as a vehicle in a Sydney wedding procession.

The Ferrari 360 Modena, valued at more than $100,000, parted the Sydney traffic when its driver decided turn the inconspicuous looking vehicle into oncoming traffic, before pulling a 360 as part of the joy-ride which very nearly caused a traffic calamity.

In the 15-second video posted on YouTube, the driver can be seen coming to a complete halt in the centre of an intersection, before pulling a rally-style stunt in front of an oncoming taxi which was forced to break metres from the rotating vehicle.

The footage shows the taxi, a bus behind it and several other vehicles coming to a complete halt as the driver goes about their business abusing every road rule in the book.

A group of pedestrians were also standing just metres away on the corner.

The rally-style stunt was all over in 15 seconds before the car, with its top popped, sped off in a puff of smoke into the distance.

The Ferrari driver pulled out onto the busy intersection and stopped, before making the radical manouvre

In a split second the car was halfway through its 360 degree rotation in the centre of the four-way traffic light intersection

The car performed a full, rotating circle known as a 'doughnut' in front of oncoming traffic along a busy Sydney street

The inconspicuous sports car stopped a taxi bus and several other cars which were forced to break suddenly

Leaving a puff of smoke in its wake the car corrects its doughnut and speeds off in to the distance